Early Struggles of Institution Recalled by Passing of Mr. A.
M. Townsend in London Shang!
Apr. 19, 'ALLOWING the death in London on April 16 of Mr. A. M.
Townsend at the age of 92 there comes to an end lifelong connection with the Hongkong and Shanghai Banking Corporation—a connection which started when, as a young man in 1866, Mr, Townsend joined the Bank, then newly formed, as a clerk in its humble offices in London.
From then unti 1912 when he was appointed Senior Manager in London Townsend travelled throughout the Far East and America in ils sory and saw its rapid growth from a very humble be; rining to the vast institution it is today. News of is death was received in Shanghai by cable by his grandson, Mr. N, J. Stabb, who is also connected with the Hongkong and Shanghai Bank in this city.
Mr. Stabb's father, Sir Newton Stab, was a son-in-law of Mr. Townsend, and served under him in Now York before becoming. Chief Manager in Hongkong.
Born in 1847 at Searby, Lincoln shire, where his father was. Vicar, Mr, 'Townsend was educated at Cais for Grammar School and at Merchant 'Taylors' School, which at that time, was situated in Suffolk Lane, Cannon St, London. At the age of 17 Mr. Townsend commenced his lengthy association with the banking business, deine appointed 10 a cerkship in the Bradford (Yorks.) Branch of the Yorkshire Banking Ca., of which his father was a shareholder. With a rare modesty that always distinguished his character, Mr. Townsend often related in later years how, as, his education had not included ° writing, he was very nearly sent home as useless on account of his slow and ineMcient penmanship. By dint of bhard work and plucky perseverance (two characteristics which stood him good stead in Inter years), how: ever, he managed to pull through.
Two yours were spent in the great woollen centre and then Mr. Towns fend was nominated for a clerkship the Westminster Bank in London, Only ten days, however, were spent by him in the employ of this famous banking Institution before he was called to the Chief Manager's office where he was told that an appoint ment could be found for him in newly established eastern bank. The new concern was none other than the Hongkong and Shanghai Bank, whose offices at the time consisted' of no more than two rooms on the third Moor in Gresham House, Old. Broad Street." Many yenrs later Mr. Towns end was destined to return to London ay an executive of this bank with his office in a magnificent bulld-ug, vastly different from the humble room in which he fest made ae~ quaintance with the young and struggling. institution, Formed at Titi, Party rather squirmed at leaving x0 Important an office ax the Westminster Bank, and joining such a small one....,"'Mr. Townsend has written fof his Fenetions to the new po Th those days, however, there could have boon little idea in this mind of the rapid development that was to follow the bank's inauguration. Sometime later he learned that in about 1066, ater the failure of the Asiatic Bank, which Toft the unpopular Orlentat Bank the only eastern bank in China, it was decided at a tiffin party in'Hongkon to form a local bank under the name of the Honskong and Shanghai Bank. And so there came into being that institution which was destined to grow into the vast concern that it is today.
Manager and the Chairman of the Board. of Directors. "In. Hongkong, however. Mr. Townsend only remained for six weeks under atr. James Greig, before receiving orders to travel. t0 Shanghai, a picnic being held at the Governor's Bungalow, then the only building on the Peak. arriving at Shan hai," Mr. the rather muddy frontage of the Bund in a sampan, Tleft London an old resident advised me to provide mysel€ with high rubber boots on account of the mud on the Bund; buy it was not as bad as that, though very different from the condition to-Jday." "Joining the Mess, then stationed in poor quarters in Hongkew, having given up a better house outside the Settlement owing to native troubles, spent his first' early" days in JShanghal. The manager of the Bank at this period was Mr. David Mace Lean, who has been described by Mr. Townsend as "Scotch, shy, silent, but very kind-hearted and able." At this time the Bank occupied an old hong atthe corer of Nanking Road and the Bund and as it was surrounded in summer with bamboo and mat verandah. it" was" aptly named the "mat shea.
Another of Mr. Townsend's recolleeons was the bringing out locally by the Bank of the first loan in Chinese taels, the brokers in the city being much interested, with the result that they persuaded' a particular friend of MacLean's to xo. in and get full particulars from him. When he re-tured that they asked him what he had said and back came. the reply "He did not say a word, Just looked ike a d.... foo" William Murray, a Scotsmai' of a. different: type was Accountant at this period Mr. Towns-fend has recollected.
Among the people working with Mr, Townsend at this period were Mr. John Walter, later to become the Chict Manager at Hongkong. After tone year in Shanghai Mr, 'Townsend posted to Bombay, only to return to the port nine months later to take Mr. Murray' place ax accountant. In March 1873 he was sent to Hankow to take Mr. Walter's place as agent And among his recollections which the voyage up an American steamer ut of low water, could Hankow on the return journey for week. Among his many friends in inkow at the time were Mr. W. G. Gordon and his wife, Mr. and Mrs. "Herbert Giles, Arthur Hickling and many others remem-bored by the older generation in China.
Business in a Bad Was From this period onwards remember the country and its'cities many years ago, and to the younger operation, who' have no knowledge of the conditions which existed when Mr. Townsend first set foot in China 1810, for in July of that year, together with another clerk named Greig, he was ordered out to Hongkong, being the frst juniors sent from, London.
Sailing from Liverpool inthe Cunard" liner, Scotia, a paddle steamer with sails, the couple tr vin. America, York to hear the nows that war been declared: between. Pr Germany. his first view of the great city: which, later, was to become his home for By this time, the Bank had opened offices in Hongkong, Shanghai, Sing pore, Yokohama, 'Bombay and. Cal-'Cutts and graduaity in the small ports, the "first Chief Manager' being Victor Kresser, who was succeeded by James Greig and Thomas Jackson. Tu Shanghai Mr. MacLean was succeeded by Mr. Ewen Cameron from Caleutia and it is interesting to note that the Bank was then housed inthe new sliding on the Bund. Business was a bad way, however, and at the nual meeting there were ries of "Shame" when it became known that the furnishings for the new premises ould cost £12,000. "Owing to. this Mz. Cameron decided to live with a mend connected with Russell & Ca., whose hong was next door. Later Mr. Cameron was knighted, the same hon-being Festowed on Mr. Thomas ried in England Mr. Townsend was appointe, Kobe in 1876 and life in that city was very pleasant and interesting, he has state, One hankow Hotel" sand staying with at the time of Mr. Tow sailor by a Japanese oticer lucinze the precession of some Japan-troops through the town, The to Mr. Townsend th ranks the fired at the ow, both the older xenerst Muddy Band ari in the prose the Bei ned to death, but the two mot by. the Chief Aiter a year in Kobe Mr. Town wis transferred ta Shanghai ae sub-
Text read from the printed page and cleaned; old type leaves the occasional error.